Private Money Questions

[Keegan Mulholland]

Hi BP Community, 

I am in the beginning stages of gearing up for my first BRRRR, and am quite confident I can raise the capital needed using PML, and my own funds.

However I do have a few questions  in regards to PML, and hoping for some responses: 

1. In terms of reporting, how does one report a loan from a family member for tax purposes 

2. Does a bank account need to be created for receiving, and storing the funds, and if so do the funds need to be there for a certain amount of time? (loaded question, I'm sorry) 

FWIW I have a few family members who are active in RE, so I do expect the funds to come from them, and not a local PML, or a HML. Thanks in advance!